Heritage Gold NZ Ltd is a listed gold explorer that has been operating in New Zealand since floating on the ASX and NZSE in 1986.
Current projects include:
the old Karangahake Goldfield which produced about 1 million oz of gold (+3 million oz of silver); Waihi North – adjacent to the current open pit mine at Waihi (production of 6.6 million oz gold); Onemana – where Heritage’s conceptual model was validated by significant drill intersections; and Golden Valley – where similar geophysical signatures to Waihi and Karangahake warrant evaluation Newmont recently acquired Waihi Gold Mining Company Limited as part of the Normandy takeover and so acquired Normandy’s brownfields gold discovery at Favona. No details have yet been released but Favona is likely to contain + 1 million oz of gold and will extend the planned life of the Waihi operation. Permission has recently been granted for a decline into the system. The Favona discovery was based on very similar target concepts to Onemana which Heritage is using in its greenfields exploration areas with barren cover.
Heritage plans to drill two of its targets by the middle of the year and intends to expand that program into other target areas. Past work on the old Talisman mine at Karangahake indicated +300,000oz of gold in resource (not to JORC) but target potential is much larger.
Exploration is focussed on targets that include extending known mineralised zones on old mines to concept-based geophysical targets. This style of exploration has already led to one discovery in recent times (Favona) and this is ‘elephant country’.
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